USA Gasoline Inventories A Draw Of 3.658M Vs A Draw Of 1.160M Est.; Draw Of 3.145M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories experienced a significant draw of 3.658 million barrels, surpassing both the estimated draw of 1.160 million barrels and the previous draw of 3.145 million barrels. This indicates a higher than expected decrease in gasoline stocks.
February 14, 2024 | 3:51 pm
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POSITIVE IMPACT
The significant draw in gasoline inventories may lead to higher energy prices, potentially boosting sectors within the SPY ETF that are energy-related.
The SPY ETF, which tracks the S&P 500, includes energy companies that could benefit from higher gasoline prices due to reduced inventories. This could lead to an increase in the ETF's value in the short term as energy sector stocks potentially rise.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 60
NEUTRAL IMPACT
The draw in gasoline inventories is less directly related to natural gas, which UNG tracks, but could indicate broader energy market movements.
UNG, being focused on natural gas, is less directly impacted by gasoline inventory levels. However, significant movements in one part of the energy sector can sometimes indicate or lead to broader trends affecting the entire energy market, including natural gas.
CONFIDENCE 65
IMPORTANCE 50
RELEVANCE 40